20 Sha'aban 1445 - 2 March 2024
    
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Eye of Riyadh
Business & Money | Sunday 11 February, 2024 8:39 am |
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Aldar reports AED4.4 billion in 2023 net profit, up 40% YoY

Aldar announced today that record development sales and expanded investment portfolio drive the company's 2023 net profit up 40% to AED4.4 billion, compared to 2022.

 

In a statement today, the Abu Dhabi-listed property giant, reported the highest-ever quarterly development sales of AED8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next 2-3 years. A total of 14 new project were launched with successful entry into Dubai and Ras Al Khaimah markets complementing the company's already dominant position in the emirate of Abu Dhabi.
The company also saw strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66% (AED 16 billion) of UAE sales.
Aldar Investment recorded 40% revenue growth driven by recent acquisitions, active asset management, and strong operational performance across the business, according to the statement.

 

Commenting on the company's finanial results, Mohamed Kkalifa Al Mubarak, Chairman of Aldar, said: “The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market. Leveraging its unique platform, Aldar accelerated its transformative growth trajectory in 2023 to deliver remarkable earnings growth, with an intensive programme of new development launches and the enhanced performance of its recurring income portfolio."

 

“By further capitalising on secular trends and the transition to a net-zero economy, we look forward to continuing to play a central role in the UAE’s dynamic socio-economic development and the growth of its real estate sector in the coming years," he added.

 

Talal AL Dhiyebi, Group CEO, added: “Aldar is transforming into a world-class industry heavyweight, operating at a significantly elevated scale. Over the past five years, our business has grown significantly. Development sales in 2023 surged tenfold compared to 2018, the gross asset value of our investment property portfolio grew by more than fifty percent, and net profit more than doubled, reaching AED 4.4 billion.

 

“This tremendous performance over a short timeframe has been witnessed across our core businesses, where we have delivered significant geographic and sector diversification and scale and enhanced long-term resilience. The strength, agility, and scale of our platform will allow Aldar to capitalise on new opportunities to continue driving long-term sustainable growth and shareholder value.”

 

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